Mortgage loans; prohibits servicers thereof from taking certain actions pertaining to servicing. (SB989)

Introduced By

Sen. Creigh Deeds (D-Charlottesville)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Mortgage loan servicing; penalties. Prohibits servicers of mortgage loans from taking certain actions pertaining to the servicing of such loans, including failing to apply payments to the loan and taking actions for the primary purpose of creating a default under the terms of a mortgage loan. The Bureau of Financial Institutions of the State Corporation Commission is given authority to investigate and enforce the provisions under the Mortgage Lender and Broker Act; although mortgage servicers are not required to obtain licenses under that Act. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/09/2007Prefiled and ordered printed; offered 01/10/07 070140724
01/09/2007Referred to Committee on Commerce and Labor
01/18/2007Impact statement from SCC (SB989)
02/06/2007Left in Commerce and Labor